Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.4% Following Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 2.4% during trading on Tuesday after Guggenheim lowered their price target on the stock from $18.00 to $16.00. Guggenheim currently has a buy rating on the stock. Rivian Automotive traded as low as $11.51 and last traded at $11.68. 13,930,760 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 34,655,156 shares. The stock had previously closed at $11.96.

Other research analysts have also issued reports about the stock. Royal Bank of Canada decreased their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Cantor Fitzgerald lowered Rivian Automotive from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $13.00 to $15.00 in a report on Friday, February 21st. Bank of America lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $13.00 to $10.00 in a report on Monday. Stifel Nicolaus decreased their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, November 11th. Finally, Benchmark began coverage on Rivian Automotive in a report on Monday, December 9th. They set a “buy” rating and a $18.00 price target for the company. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average price target of $14.87.

Insider Activity

In related news, CEO Robert J. Scaringe sold 35,713 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 275,357 shares of company stock valued at $3,988,140. Insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Gould Capital LLC increased its holdings in Rivian Automotive by 87.6% in the fourth quarter. Gould Capital LLC now owns 7,025 shares of the electric vehicle automaker’s stock valued at $93,000 after buying an additional 3,280 shares in the last quarter. Parr Mcknight Wealth Management Group LLC purchased a new stake in Rivian Automotive in the 4th quarter valued at approximately $206,000. Neo Ivy Capital Management increased its position in Rivian Automotive by 23.8% during the fourth quarter. Neo Ivy Capital Management now owns 157,704 shares of the electric vehicle automaker’s stock worth $2,097,000 after buying an additional 30,300 shares in the last quarter. Orion Capital Management LLC acquired a new position in shares of Rivian Automotive in the fourth quarter worth $34,000. Finally, Elequin Capital LP purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at $49,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Trading Down 0.4 %

The business has a 50-day moving average of $13.39 and a 200 day moving average of $12.46. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock has a market cap of $11.64 billion, a PE ratio of -2.42 and a beta of 2.04.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Equities research analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Rivian Automotive Company Profile

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.